RBI PSS Audit
RBI PSS Act, 2007 controls all the Banking Payment and Settlement Systems across India. PSS providers includes payment gateway vendors but not banks. As a result of this Act, providers must obtain RBI PSS Compliance certification. Specifically, the Act directs the providers to ensure one requirement. All customers performing online transactions must be able to quickly transfer money to any bank account using credit or debit card.
Reserve Bank of India (RBI) wanted this process to take place in a safe, secure and efficient manner. Hence, they mandated the PSS act 2007 to access and authorize the transactions of online payment in India.
Who Should Obtain PSS Audit Following The RBI Guidelines?
Every Payment System operator who is authorized under the Payment and Settlement Systems Act 2007 must attain certification by getting their systems reviewed (audited) regularly.
Need for PSS Audit
PSS Audit is mandatory to ensure that the technology used by the payment system operator is sound, secure, and safe. Furthermore, to ensure it can operate efficiently according to the process flow recommended by RBI.
Scope of the Audit
The scope of the RBI Payment System Audit consists of evaluation of the:
- Structure of the hardware
- Critical Applications
- Operating Systems
- Implemented security measures and controls
- All access controls, such as, disaster recovery plans and key applications
- Training of applications and employees managing systems
- Documentation
Why Choose Panacea?
It is critical for Payment Gateway providers to strictly abide by the RBI PSS Act 2007. Our consultants bring a deep understanding of the RBI PSS Act requirements. Therefore, Panacea InfoSec is the best choice to guide you through the intricacies and smoothly achieve RBI PSS Compliance certification.